Tencent Music beats Q4 revenue driven by strong subscription demand

For the quarter, the audio entertainment platform recorded revenue of 6.89 billion yuan ($957.02 million), outperforming analyst forecasts of 6.71 billion yuan, as per LSEG data.

Tencent Music Entertainment Group (TME) is a Chinese music company that operates several music streaming platforms, including QQ Music, Kugou Music, and Kuwo Music. It is a subsidiary of Tencent Holdings Limited, one of the largest technology conglomerates in China.

Tencent Music offers a wide range of music content to users, including licensed tracks, user-generated content, and live-streaming performances. The company generates revenue through subscriptions, advertising, and other music-related services.

In premarket trading, US-listed shares of Tencent Music climbed 2 per cent.

The company’s online music service revenue surged 41.1 per cent year-on-year to 5.02 billion yuan, propelled by robust growth in paid subscriptions and advertising services.

Tencent Music’s earnings per American depository share (ADS) reached 0.83 yuan, up from 0.72 yuan in the corresponding period last year.